The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1887-02-04

with this extinction of private issue
the Government issue were also sup
pressed, the States would be left
without any paper currency at alls
with the exception of the certificate,
issued by the Treasury against de-
posts of gold and silver. In that
case, it would, of course, as the
cheaper and more abundant metals,
that would be made to form the
basis of the paper currency, and a
very long step indeed would be
taken towards placing the currency
of the country on purely silver
basis. This, however, is obviously
not what Mr.. Manning desires, be-
cause he advises the repeal Of the
existing law for the compulsory
coinage of silver, partly on the
ground that it causes an undue dis
placement of gold by silver; and ms
it is not at all likely that Mr.. Man
ming is really acting so inconsist-
emily, it will be best to wait for the
text of his report before venturing
upon any criticism of it.
On the vexed silver question, the
President practically repeats the
recommendations he made twelve
months ago. Since then the Treas
ury have been striving, by every
means in their power, to utilise for
currency purposes the silver money
they are compelled to coin, their
devices including latterly the issue
of one-dollar silver certificates. In
spite of all their efforts, however,
the stock of unused silver continues
to augment. On the LIST of November,
1881, there were in the Treasury
silver dollars to the value of about
80, 800, 000l, and against these sill
yer certificates to the amount of
1S,700,000l were in circulation, the
balance of silver coin for which no
use could be foundbeing thus a.
100,000l. On the 1st of November
this year the stock of silver dollars
in Treasury was $4,000, 0OOl, the
amount of outstanding silver certifi-
Gates 20, 100,000l, and the balance
of unused silver consequently
amounted to 16, 800, 000l, or 2,400,-
000l, more than at the same date
last year. 1t is quite evident, there
fore, not only that the silver coin
age is greatly in excess of current
wants, but also that the Treasury
holds surplus stock which, even if
not single new dollar were coined,
would enable it to meet all the re-
quirements of the country for sew
eral years TO come. There is, con-
sequently, not shadow of necessity
for the continued coinage of silver,
and very pertinently, President
Cleveland reminds Congress that
"there seems little propriety in
building vaults to store silver, when
the only pretence for its coinage is
It's necessity as circulating medi.
um." He recommends, therefore,
that the coinage should be suspend
ed, and Secretary Manning backs
| VILE Wy uu
ment to the effect that such sus-
pension, by largely augmenting the
market supplies of silver, will so
disorganize the market for the
metal, as to compel European Gov
ernments, and more especially the
Government of this country, in self
protection, to adopt system of
international bi-mettallism. How
utterly fallacious this idea is we
have frequently endeavored to show.
Instead of working towards BIZ
metallism, the suspension of the
silver purchases of the American
Government would, in our opinion,
have the very opposite effect. But
be that as it may, the coming by the
United States year by year of mil
lions of silver dollars which nobody
wants is so eggregiously foolish a
proceeding, that it is impossible to
believe that the people will long per-
init the public money to be so waste
fully employed,